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OKUN'S LAW: A relationship that says that the gap between actual and full employment output level of gross domestic product widens by 3.0% for each percentage point increase in the unemployment rate. When Arthur Okun discovered this empirical relationship he was on President Kennedy's Council of Economic Advisers (CEA). Okun cautioned that the relationship was valid only within unemployment rates of 3% and 7.5%.

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RATIONAL IGNORANCE

The decision NOT to become informed about a topic (such as what a political candidate wants to do) because the cost of acquiring the information is more than the expected benefit. The rational decision to remain ignorant about a subject is a straightforward application of utility maximization and along with the related notion of rational abstention, is a source of voter apathy and government inefficiency.

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APLS

RED AGGRESSERINE
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Today, you are likely to spend a great deal of time at a flea market seeking to buy either a country wreathe or galvanized steel storage shelves. Be on the lookout for telephone calls from long-lost relatives.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"A man is not finished when he is defeated. He is finished when he quits. "

-- President Richard Nixon

SELA
Latin American Economic System
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